Malaysia: Foreign investors sold off 283 million USD worth of stocks
Foreign investors reduced their net investment in Malaysian equities by 1.19 billion RM (283 million USD) last week, according to the MIDF Amanah Investment Bank Bhd Research.
Illustrative image (Photo: https://www.malaysiakini.com/)Kuala Lumpur (VNA) – Foreign investors reduced their net investment in Malaysian equities by 1.19 billion RM (283 million USD) last week, according to the MIDF Amanah Investment Bank Bhd Research.
MIDF’s research cited the country’s stock exchange data, saying that this was the third consecutive week international funds has cut capital in the market.
The cause behind the situation is said to be domestic political instability and fears of the COVID-19 recurrence.
According to the latest report of the Asian Development Bank (ADB), the COVID-19 epidemic will greatly affect the economies of Asian developing countries.
Malaysia's economy could suffer a loss of 3.5 billion RM (831 million USD), equivalent to 0.23 percent of its GDP. If the situation is more serious, the Malaysian economy could lose up to 6.3 billion RM (1.52 billion USD), the ADB said.
The Malaysian central bank (BNM) said the country's foreign exchange reserves stood at 103.4 billion USD as of February 28, dropping by 900 million USD compared to the figure by the end of January./.
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